Monero (XMR), a privacy-focused cryptocurrency, has seen a notable increase in its value recently. In the past 24 hours, XMR has experienced a 7.7% rise, and over the last week, it has surged by 16.5%. This positive momentum comes after a period of decline, with XMR hitting a low of $115 per unit in mid-April and now trading at $181.
One of the factors contributing to Monero’s recent uptrend is the doubling of its trading volume in the last 24 hours. Despite facing challenges earlier this year, such as delistings from centralized exchanges, XMR has managed to recover. The crypto asset’s price has been on the rise, even amidst fluctuations in its hashrate.
The hashrate of XMR took a hit at the end of May following Europol’s “Operation Endgame,” which targeted botnets and shut down over 100 servers. This crackdown disrupted cryptojacking operations that used people’s CPU power to mine XMR illicitly. Despite this, XMR has gained 37.8% against the U.S. dollar in the past 30 days, with a 24-hour trading volume of approximately $128.82 million.
On June 10, 2024, the most active exchange for Monero is HTX, with XMR trading volume doubling since June 9. Tether (USDT) is the most popular trading pair for XMR, accounting for 82% of trades, followed by USD, BTC, EUR, and ETH. XMR’s charts show a strong bullish trend across different timeframes, with prices on an upward trajectory from mid-May.
The daily chart for XMR/USD indicates a significant increase in prices, supported by rising volume and strong buying interest. Key support levels are at $170, $160, and $150, with the next resistance level expected around $190. Technical indicators suggest that XMR may be nearing overbought territory, hinting at a potential pullback in the near future.
In the short term, immediate support levels for XMR are around $176 and $172, with resistance near $185 and a potential next resistance at $190. Moving averages across various timeframes confirm a bullish trend, reinforcing the strength of the uptrend. While oscillators provide mixed signals, caution is advised for new entries as the RSI approaches overbought levels.
Overall, the market performance of Monero has been positive, with the cryptocurrency showing resilience and strong upward momentum. What are your thoughts on Monero’s recent price surge? Share your opinions and insights on this topic in the comments below.
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